MarketAxess Holdings Inc. (MKTX) Stock

MarketAxess Holdings Inc. (MKTX) is a Financials stock trading at $161.91 (as of 2026-08-20), with a market capitalization of $5.70B and a trailing P/E of 19.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

MarketAxess Holdings operates an electronic trading platform connecting institutional investors and broker-dealers for fixed-income securities, including U.S. investment-grade and high-yield corporate bonds, U.S. Treasuries, municipal bonds, and other international debt instruments. It also provides trading and market-data services and related pre- and post-trade offerings such as execution protocols, pricing and market data, trade matching, publication, and regulatory transaction reporting.

Understand MarketAxess Holdings Inc.: how it makes money

MarketAxess runs an electronic trading platform for institutional investors and broker-dealers, earning money mainly from commission revenue for executed bond trades, with additional revenue from services.

The company’s profit engine is executed bond-trading activity on its all-to-all anonymous electronic platform, which drives commission revenue, while services make up a smaller portion.

Revenue by segment (latest quarter)
Commissions$0.2B
Services$0.0B

Business quality (Strong): Clear, commission-led model is supported by provided revenue categories, but there is no official segment breakdown or gross margin detail in the inputs.

Valuation: At 14× earnings, MKTX trades 57% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Commission-led trading economics: The business executes bond trades through its electronic platform, and commission revenue is the largest provided revenue category.
  • High profitability level in the latest quarter: Operating margin was reported at 43.2% for the 2026-03-31 period.

Bear case

  • Trading activity risk: Because revenue depends on executed bond trades, periods with weaker trading volumes or reduced market liquidity could pressure commission revenue.
  • Competitive and platform adoption risk: If institutional investors or broker-dealers shift order flow away from MarketAxess’s trading environment, commission revenue and related services could be impacted.
  • Smaller contribution from services: Services revenue is a smaller portion of the provided revenue mix, so it may not fully offset pressure in commissions.
Valuation — source: SEC EDGAR (first-party)
Price$161.91
Market Cap$5.70B
P/E Ratio19.5
EV / EBITDA11.9
Price / Book4.60
Price / Sales6.37
FCF Yield0.3%
DCF Value (model)$127.92
DCF Upside vs Price-21.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$846.27M
Net Margin29.1%
Revenue Growth (YoY)3.6%
EPS Growth (YoY)-8.6%
FCF Growth (YoY)-0.4%
Valuation vs Sector & Industry
Stock P/E19.5
Sector P/E (Financials)15.1
Industry P/E (Trading)34.6
vs Sector28.9%
vs Industry-43.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($695.98M)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorFinancials
IndustryTrading
CEOChristopher Robert Concannon
Employees891
CountryUS
IPO Date2004-11-05

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MKTX earnings history · MKTX institutional & insider holders · MKTX KPIs & operating metrics · MKTX financials · MKTX investor presentations & press releases · MKTX SEC filings · MKTX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.